Western South Dakota News

U.S. Senate Majority Leader John Thune appeared on Fox Business with Larry Kudlow to discuss key legislative priorities, focusing on tax policy and budget reconciliation.

Thune emphasized the importance of making the 2017 Tax Cuts and Jobs Act (TCJA) permanent. He stated, "We want to make sure that we get the 2017 TCJA made permanent. Particularly, you get all those pro-growth provisions … bonus depreciation and interest deductibility and R&D expensing – things that … we had in the … 2017 bill."

He also highlighted the need for growth-oriented tax policies, saying, "I think that … tax policy, particularly on the business side, ought to be about growth. There ought to be pro-growth, there ought to be incentives to invest."

Regarding Senate Republicans' priorities, Thune mentioned efforts to extend the work done in 2017 while addressing new presidential priorities. He noted plans for energy initiatives, spending cuts, border security investments, and military rebuilding.

On budget reconciliation efforts, Thune remarked on the challenges of aligning interests within Congress but expressed determination: "[F]ailure’s not an option. We have to get it done." He acknowledged differing opinions among lawmakers but remained optimistic about reaching a resolution by mid-summer.

Thune discussed potential economic benefits from proposed measures like a 15 percent rate and accelerated depreciation for buildings: "The 15 percent rate and the accelerated depreciation for buildings – as you said, bonus already covers equipment... would incentivize onshore manufacturing."

In conclusion, he reiterated confidence in accommodating presidential proposals that stimulate growth: "But I feel good about being able to accommodate a number of the president’s proposals and particularly want to be helpful on those that are going to stimulate growth."